Morgan Stanley to Cut 1,500 Jobs,
But Says Brokers Won't Be Affected

Morgan Stanley said it will eliminate about 1,500 jobs from its securities and investment management business through a combination of early retirement and layoffs.

The staff reductions will include all positions except financial advisers, spokesman Bret Gallaway said. He said the move is "part of an ongoing firmwide effort to improve operating efficiency and overall performance." Mr. Gallaway declined say how much money...